African Alliance: Interim board, management mishandling NAICOM plans to revive company

Efforts by the National Insurance Commission (NAICOM) to resuscitate the financially distressed African Alliance Insurance company appear not to be heading in the right direction, as some member staff of the company have embarked on strike action.

The regulator in a bid to revive the company had late last year removed the entire management of the company following many years of mal-administration and failure to meet the obligations annuitants and policy holders.

As a result, NAICOM recently reconstituted a new Board to manage the affair of the insurance firm, but going by current reports emanating from staff of the company, the new Board and management of underwriting company appear not to be in accord with what NAICOM had intended.

Reports from some of the staff spoken to claimed that despite the fragile financial position of the company, the new management team is making demand for exorbitant salaries from the already distressed company.

Other grievances outlined by staff include poor access to health care, as well as, the non-remittance of their pension contribution. According to them, ‘‘the working condition is poor. It is almost like we are slaves. This is the reason why the staff union embarked on strike action to demand that all these issues be resolved.’’

The workers also alleged that the interim management of the company headed by the Managing Director/CEO, Mr. Jacob Erhabor has plans to purchase expensive SUVs as official cars, even as the company remain unable to pay annuitants and policyholders.

The company’s current interim board and management members has Dr, Haruna Mustapha as Chairman, Jacob Erhabor as MD/CEO, Mr Wasiu Amao as Executive Director, (Technical}, Mis Oremiyi Longe, as Executive Director, Finance, Mr Anthon yAchebe as Non-Executive Director, and Halimatu M Khabeeb as Non-Executive Director.